What does ChatGPT know about money? More than one might think. George Ford Smith asks the AI program some questions about money and gets some surprising answers.

The Perfect Market Hypothesis claims that all movements in the market can be considered as random, as market players and prices adjust immediately to new information. However, market players do seek new information and seek to use it.

It is understood that Marx's theories stand entirely upon his Labor Theory of Value. If that theory is discredited, so is the scenario that leads to the inevitable triumph of communism. That fact, however, doesn't stop Marx's disciples from employing other fallacies.

The standard belief is that slavery was about obtaining “cheap labor,“ yet nothing could be further from the truth. Slavery comes with high opportunity costs, which is why American slave owners depended upon several government regulations to subsidize their “peculiar institution.”

Politicians have long claimed that states are like big families, and that political regimes rule in ways similar to how parents raise their families. This is nonsense.

Governing elites believe that the fiat money system is the height of “sophisticated” finance. In reality, fiat money sucks the life out of the economy like a vampire.